British Pound Trying to Stabilize

British Pound vs US Dollar Technical Analysis

The British pound has initially fallen during trading on Wednesday but has since turned around. By doing so, it looks as if the British pound is trying to stabilize a bit. The 1.30 level underneath should be massive support, as it is a large, round, psychologically significant figure and an area that has been important multiple times. Because of this, I think that the market will trying to stabilize a bit and recover, but it is worth noting that the 1.30 level being broken to the downside could be a major signal that we are going to fall apart. That being said, the market is very noisy underneath, and could find support all the way down to the 1.28 level as it is more or less a “zone.”

On the upside, if we can break above the 1.32 handle, then it is likely that we could go looking towards 1.33 level, possibly even the 1.34 area. That being said, the market is going to be very noisy in this general vicinity so you will need to be cautious about your position sizing. The noisy behavior the markets will probably continue for the foreseeable future, simply because there is so much out there that people are worried about, but at the same time there is a push to try and go higher.

The Bank of England continues to be almost as hawkish as the Federal Reserve, so that may help sterling along the way. In general, this is a market that should continue to see a bit of stubbornness at these low levels, but I think that given enough time we will make a bigger decision. I have levels to pay attention to, and as a result the trade will set itself up.

GBP/USD Price Forecast Video 30.03.22

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